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financial accounting
Questions and Answers of
Financial Accounting
In a DuPont analysis, what are the components of return on assets?a. Net Profit Margin Ratio and Debt Ratiob. Net Profit Margin Ratio and Leverage Ratioc. Net Profit Margin Ratio and Asset Turnover
Amir Company’s net income and net sales are $18,000 and $1,100,000, respectively, and average total assets are $100,000. What is Amir’s return on assets?a. 20.0%b. 18.0%c. 3.7%d. 7.0%
Which of the following statements is not true about a 3-for-1 stock split?a. Total stockholders’ equity increases.b. A stockholder with 10 shares before the split owns 30 shares after the split.c.
A company declares a 5% stock dividend. The debit to Retained Earnings is an amount equal toa. The market value of the shares to be issued.b. The par value of the shares to be issued.c. The book
Assume the same facts as in Q10-69. What is the amount of dividends per share on common stock?a. $8.25b. $4.25c. $4.33d. $0.33e. None of these
A corporation has 100,000 shares of 4% preferred stock outstanding. Also, there are 100,000 shares of common stock outstanding. Par value for each is $100. If a $825,000 dividend is paid, how much
Marvin’s Foods has outstanding 400 shares of 2% preferred stock, $100 par value; and 1,500 shares of common stock, $15 par value. Marvin’s declares dividends of $13,800. Which of the following is
Stockholders are eligible for a dividend if they own the stock on the date ofa. Declaration.b. Record.c. Payment.d. Issuance.
When treasury stock is sold for less than its cost, the entry should include a debit toa. Gain on Sale of Treasury Stock.b. Loss on Sale of Treasury Stock.c. Retained Earnings.d. Paid-in Capital in
Quill Corporation paid $28 per share to purchase 900 shares of its common stock as treasury stock. The stock was originally issued at $12 per share. Which of the following would be the journal entry
Sportplace’s net income for the period is $119,600 and its average common stockholders’ equity is $699,415. Sportplace’s return on common stockholders’ equity is closest toa. 17.1%.b.
What is total stockholders’ equity for Sportplace, Inc.?a. $709,900b. $704,200c. $638,000d. $715,600e. None of the aboveThese account balances at December 31 relate to Sportplace, Inc.: $ 51,700
What is total paid-in capital for Sportplace? (Assume that treasury stock does not reduce total paid-in capital.)a. $632,300b. $709,900c. $643,700d. $638,000e. None of the aboveThese account balances
Which of the following classifications represents the most shares of common stock?a. Unissued sharesb. Issued sharesc. Treasury sharesd. Outstanding sharese. Authorized shares
Preferred stock is least likely to have which of the following characteristics?a. Preference as to assets on liquidation of the corporationb. The right of the holder to convert the shares to common
Spirit World, Inc., issued 250,000 shares of no-par common stock for $5 per share. The journal entry to record the issuance would be: A1 A. Cash Common Stock Gain on the Sale of Stock 1,250,000 a.
The basic form of capital stock isa. Par value stock.b. The corporate charter.c. A share of preferred stock.d. A share of common stock.
Which of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and c
Riverside Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2018 (amounts in thousands of dollars):Requirements1. Determine the December
Use the Virginia data in E10-54B to show how the company reported cash flows from financing activities during 2018 (the current year).Data from E10-45BAllenton Marketing Corporation reported the
Virginia Company included the following items in its financial statements for 2018, the current year (amounts in millions):Requirements1. Use DuPont Analysis to calculate Virginia’s return on
Bondwell Financial Services is considering two plans for raising $500,000 to expand operations. Plan A is to borrow at 6%, and plan B is to issue 100,000 shares of common stock at $5.00 per share.
Data from the financial statements of Glowing Candle Company included the following:Average total assets ................................................................ $60,000Average common
Identify the effects—both the direction and the dollar amount—of these transactions on the total stockholders’ equity of Cadberry Corporation. Each transaction is independent.a. Declaration of
The stockholders’ equity section of the balance sheet for Yarrow Yogurt Company on August 12, 2019, follows:On August 12, 2019, the market price of Yarrow common stock was $18 per share. Yarrow
Huron Manufacturing, Inc., reported the following at December 31, 2018, and December 31, 2019:Huron Manufacturing has paid all preferred dividends only through 2015.Requirement1. Calculate the total
Optical Products Company reported the following stockholders’ equity on its balance sheet:Requirements1. What caused Optical’s preferred stock to decrease during 2019? Cite all possible causes.2.
Use the Creator Corporation data in E10-46B to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2019.Data from E10-46BAt December 31, 2018, Creator
At December 31, 2018, Creator Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts).Common stock $2.00 par value per
Allenton Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions):Common stock........................................ $ 243Additional paid-in
Beluga Software had the following selected account balances at December 31, 2018 (all numbers and amounts are in thousands, except par value per share):Requirements1. Prepare the stockholders’
The financial statements of Noble Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value):Net income has already been closed to
Coastal Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $25,000 to help with the incorporation. Coastal also
Caribbean Imports is authorized to issue 16,000 shares of common stock. During a two-month period, Caribbean completed these stock transactions:Apr 23 Issued 3,200 shares of $2.00 par common stock
Lakeside Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2018 (amounts in thousands of dollars):Requirements1. Determine the December
Use the Carolina Company data in E10-37A to show how the company reported cash flows from financing activities during 2018 (the current year).Data from E10-37ACarolina Company included the following
Carolina Company included the following items in its financial statements for 2018, the current year (amounts in millions):Requirements1. Use DuPont Analysis to calculate Carolina’s return on
United Financial Services is considering two plans for raising $800,000 to expand operations. Plan A is to borrow at 10%, and plan B is to issue 200,000 shares of common stock at $4.00 per
Data from the financial statements of Eclectic Candle Company included the following:Average total assets ...................................................................... $ 50,000Average
Identify the effects—both the direction and the dollar amount—of these transactions on the total stockholders’ equity of Niles Corporation. Each transaction is independent.a. Declaration of
The stockholders’ equity section of the balance sheet for Warren Corporation on August 16, 2019, follows:On August 16, 2019, the market price of Warren common stock was $20 per share. Warren
Ontario Manufacturing, Inc., reported the following at December 31, 2018, and December 31, 2019:Ontario Manufacturing has paid all preferred dividends only through 2015.RequirementCalculate the total
Omega Products Company reported the following stockholders’ equity on its balance sheet:Requirements1. What caused Omega’s preferred stock to decrease during 2019? Cite all possible causes.2.
Use the Atlantic Corporation data in E10-29A to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2019.Data from E10-29AAt December 31, 2018, Atlantic
At December 31, 2018, Atlantic Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts).Common stock $3.00 par value per
Wishtown Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions):Common stock........................................ $ 281Additional paid-in
Bretton Software had the following selected account balances at December 31, 2018 (all numbers and amounts are in thousands, except par value per share):Requirements1. Prepare the stockholders’
The financial statements of Mountainview Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value):Net income has already been
Excursion Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $24,000 to help with the incorporation. Excursion also
Pickering Stores is authorized to issue 11,000 shares of common stock. During a two-month period, Pickering completed these stock transactions:Jan 23 Issued 1,000 shares of $6.00 par common stock
Complete each of the following statements with one of the terms listed here.a. The right to maintain one’s proportionate ownership in the corporation is the right of ___________.b. The right to
The statement of stockholders’ equity for Bailey Corporation follows.Use Bailey Corporation’s statement to answer these questions:1. How much cash did the issuance of common stock bring in during
Use the following statement of stockholders’ equity to answer the following questions about Flannery Corporation:1. How much cash did the issuance of common stock bring in during 2018?2. How much
During 2018, Smokey Corporation earned net income of $5.4 billion and paid off $2.5 billion of long-term notes payable. Smokey raised $1.1 billion by issuing common stock, paid $3.7 billion to
Zanzibar Corporation is conducting a special meeting of its board of directors to address some concerns raised by the stockholders. Stockholders have submitted the following questions. Answer each
Waketown Marina needs to raise $2.0 million to expand the company. The company is considering issuing either:■ $2,000,000 of 6% bonds payable to borrow the money; or■ 100,000 shares of common
Toyama Corporation’s 2018 financial statements reported the following information, with 2017 figures shown for comparison (adapted, and in millions):Use the DuPont model to calculate Toyama’s
Give the DuPont model formula for computing (a) rate of return on total assets (ROA) and (b) rate of return on common stockholders’ equity (ROE). Then answer these questions about the
Petrov Gold, Inc., has the following stockholders’ equity:Preferred stock, 7%, $8 par,33,000 shares authorized and issued................................................... $ 264,000Common
Refer to the data in S10-13. Using only year-end figures rather than averages, calculate the following for Ridgeline:a. Net incomeb. Total liabilitiesc. Total assets (use the accounting equation)d.
The financial statements of Ridgeline Employment Services, Inc., reported the following accounts:Prepare the stockholders’ equity section of Ridgeline’s balance sheet. Net income has already
Hometown Bancshares has 40,000 shares of $3 par value common stock outstanding. Suppose Hometown declares and distributes a 5% stock dividend when the market value of its stock is $15 per share.1.
Alloy Corporation has 25,000 shares of $1.40 preferred stock outstanding in addition to its common stock. The $1.40 designation means that the preferred stockholders receive an annual cash dividend
Glenmore Corporation earned net income of $90,000 during the year ended December 31, 2018. On December 15, Glenwood declared the annual cash dividend on its 1% preferred stock (13,000 shares with
On February 5, 2018, Festival Rental Corporation’s board of directors declared a dividend of $0.30, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March
Krugman Exports, Inc., is located in Clancy, New Mexico. The company does business with specialty stores such as Neiman Marcus. Krugman’s recent success has made the company a prime target for a
On January 10, 2019, Mahlon Design Services purchased treasury stock at a cost of $26 million. On July 3, 2019, Mahlon resold some of the treasury stock for $11 million; this resold treasury stock
This short exercise demonstrates the similarity and the difference between two ways to acquire plant assets.Case A – Issue stock and buy the assets in separate transactions:Wolford Company issued
Attorney Kristen Maloney invoiced Dunn for $20,400 and has agreed to accept 1,500 shares of its $0.01 par-value common stock in full payment for this invoice. Dunn issued the common stock to
At the end of fiscal year 2018, Hammond Legal Services and Delectable Doughnuts reported these adapted amounts on their balance sheets (all amounts in millions except for par value per share):Assume
Saltwell Industries received $11,500,000 for the issuance of its stock on May 14. The par value of the Saltwell stock was only $11,500. Was the excess amount of $11,488,500 a profit to Saltwell?If
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Examine Note 5—Income Taxes—in the Notes to Consolidated
In 2002, Enron Corporation filed for Chapter 11 bankruptcy protection, shocking the business community: How could a company so large and successful go bankrupt? This case explores the causes and the
Near the end of 2016, The Cheesecake Factory entered into a new loan agreement with its creditors. This new four-year agreement provided loan commitments totaling up to $200 million. The commitments
The Juice Company reported the following comparative information at December 31, 2018, and December 31, 2017 (amounts in millions and adapted):Requirements1. Calculate the following ratios for 2018
The top management of Palermo Marketing Services examines the following company accounting records at August 29, immediately before the end of the company’s year, August 31:Total current assets
The accounting records of Brigham Foods, Inc., include the following items at December 31, 2018:Requirements1. Show how each relevant item would be reported on the Brigham Foods classified balance
On December 31, 2018, Herndon Corporation issues 6%, 10-year convertible bonds payable with a face value of $1,000,000. The semiannual interest dates are June 30 and December 31. The market interest
The notes to the Alliance Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Alliance amortizes bond discounts using the effective-interest method
On February 28, 2018, Shark Corp. issued 10%, 10-year bonds payable with a face value of $1,500,000. The bonds pay interest on February 28 and August 31. The company amortizes bond discount using
The board of directors of Mailroom Plus authorized the issue of $8,000,000 of 6%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31,
The accounting records of Burgess Foods, Inc., include the following items at December 31, 2018:Requirements1. Show how each relevant item would be reported on the Burgess Foods classified balance
On December 31, 2018, Mainland Corporation issues 6%, 10-year convertible bonds payable with a face value of $4,000,000. The semiannual interest dates are June 30 and December 31. The market
The notes to the Thorson Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Thorson amortizes bond discounts using the effective-interest method
On February 28, 2018, Dolphin Corp. issued 10%, 20-year bonds payable with a face value of $2,100,000. The bonds pay interest on February 28 and August 31. The company amortizes bond discount using
The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31,
Apollo Corporation issued $300,000, five-year bonds at 98 on January 1, 2016. On December 31, 2020, the bonds matured. The payment of the bonds at maturity would be reported on the statement of cash
The leverage ratio is equal to average total __________ divided by average _________.a. Long-term debt; common stockholders’ equityb. Assets; common stockholders’ equityc. Debt; total assetsd.
Cases Unlimited reported operating income of $780,000, interest expense of $120,000, and net income of $575,000. The weighted-average number of shares of common stock outstanding during the year was
Which of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payable
Corporate bonds that can be exchanged for shares of the corporation’s common stock if certain conditions are met are calleda. Callable bonds.b. Equity bonds.c. Convertible bonds.d. Exchangeable
Josselle Corporation retires its bonds at 106 on January 1, after the payment of interest. The face value of the bonds is $750,000. The carrying value of the bonds at retirement is $775,600. The
On January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. The bond interest is payable on January 1 and July 1. The bonds sold for $864,887. The market rate of interest when the
Maridell’s Fashions has a debt that has been properly reported as a long-term liability up to the present year (2018). Some of this debt comes due in 2018. If Maridell’s Fashions continues to
Using the facts in the preceding question, Mcdonaugh’s entry to record the interest expense on July 1, 2019, will include aa. Debit to Premium on Bonds Payable.b. Credit to Discount on Bonds
Mcdonaugh Corporation issued $250,000 of 5%, 10-year bonds payable on January 1, 2019. The market interest rate when the bonds were issued was 8%. Interest is paid semiannually on January 1 and July
The journal entry on the maturity date to record the retirement of bonds with a face value of $2,500,000 that were issued at a $90,000 discount includesa. A debit to Discount on Bonds Payable for
Cheyenne Company uses the straight-line amortization method. The amount of interest expense for each year will bea. $64,955.b. $58,955.c. $56,000.d. $19,815.e. none of these.
What type of account is Discount on Bonds Payable, and what is its normal balance?a. Adjusting account; Creditb. Reversing account; Debitc. Contra liability account; Debitd. Contra liability account;
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